The Asian Development Bank Stops Funding For Myanmar Due To Military Coup
JAKARTA - The Asian Development Bank (ADB) announced a suspension of funds for all development projects in Myanmar. This decision was taken following the military regime's coup on February 1.
As one of Myanmar's largest development partners, ADB has decided to cut funding, as violence continues to erupt in protests against Myanmar's military coup.
It is known that at least 70 people were killed and nearly 2.000 protesters were detained by the Myanmar military regime during the protests that took place since last February.
In a statement, ADB is deeply concerned about recent developments in Myanmar, particularly the loss of life during civil protests. ADB said that changing the state of the country would have a serious impact on Myanmar's economic and social development.
ADB is known to have temporarily suspended the disbursement of government projects and new contracts in Myanmar, while the international community is assessing the developing situation. Projects affected range from transportation and energy to education and information technology.
"We will continue to consult with shareholders and other stakeholders", said ADB.
To note, between 2013 and 2019, ADB supported Myanmar with more than USD 3.5 billion in funding for projects, including loans, grants, and technical assistance commitments.
Under the latest loan agreement, ADB approved a loan of USD 484 million, or approximately IDR 6.997.841.400.000 last November, to build a new toll road connecting the Bago Region and Mon State. The two regions are located along Japan's planned East-West Economic Corridor, a major infrastructure scheme for the Greater Mekong Subregion.
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In late February, the World Bank notified the military regime that it had suspended disbursements for at least 24 ongoing development projects in Myanmar.
Regarding the Myanmar Coup. VOI editorial team continues to monitor the political situation in one of the ASEAN member countries. Casualties from civilians continue to fall. Readers can follow the news surrounding the Myanmar military coup by tapping on this link.